Presented here are selected transactions for the Martine Company during July. Martine uses the perpetual inventory system.

Instructions: Journalize the July Transactions for Martine Company.

Notes: Read carefully and follow strictly so that Bb can grade you correctly!

1. Just write down the account title and numbers for each transaction (use comma in numbers, one thousand is 1,000, not 1000. NO $ sign).

e.g. Cash 1,000

Sales 1,000

2. Always Dr. first, then Cr.

2. Use and copy accurately only the following account names (not case sensitive): Inventory, A/Rec, N/Rec, Cash, A/Payable, Sales, Sales R/A, Sales/Disc, CGS, Int/Rec, Int/Rev.

July 1 Sold merchandise to Home Company for $1,000, terms 2/10, n/30. The merchandise sold cost $500.

Account Dr.

Account Cr.

Account Dr.

Account Cr.

July 2 Purchased merchandise from Sams Corporation for $4,000, terms 1/10, n/30.

Account Dr.

Account Cr.

July 4 Purchased merchandise from Ryan Company for $5,000, n/30.

Account Dr.

Account Dr.

July 10 Received payment from Home Company for purchase of July 1 less appropriate discount.

Account Dr.

Account Dr.

Account Cr.

July 11 Paid Sams Corporation for July 2 purchase.

Account Dr.

Account Cr.

Account Cr